Bank profits climb at most big lenders as energy costs push producer and import prices higher
The main developments in finance, policy and markets today, updated with each news scan.
Updated · AI-assisted reporting
- Bank & fintech
Citizens and Regions post higher profits; Truist's falls on a securities loss
Citizens earned $636 million, up 29%, and Regions $611 million for common shareholders, up 11%, while Truist's net income fell to $0.80 billion from $1.45 billion after a $1.4 billion pre-tax loss on selling securities.
Read the story - Bank & fintech
Schwab posts record revenue as PNC, U.S. Bancorp and BNY report higher profits
Schwab's third-quarter revenue rose 17% to a record $7.17 billion, while PNC, U.S. Bancorp and BNY reported net income of $2.1 billion, $2.2 billion and $1.7 billion, each higher than a year earlier.
Read the story - Bank & fintech
ECB clears UniCredit to take its Commerzbank stake above 30%
UniCredit says the approval, with no upper limit, should let it hold about half of Commerzbank's voting rights and take control around year-end; Commerzbank and the German government, which owns about 12%, have resisted.
Read the story - Macro
Producer prices jump 1.3% in September on a surge in energy costs
The producer price index for final demand rose 1.3% in September, led by a 10.8% jump in energy prices, and was up 6.3% from a year earlier.
Read the story - Macro
Import prices rise 1.1% in September as fuel costs climb
Import prices rose 1.1% in September and 8.1% from a year earlier, the biggest annual rise since July 2022, with fuel import prices up 34.5% over 12 months.
Read the story - Credit & fraud
Lawsuits say impostors talked First Horizon's help desk into reissuing security tokens
Two sets of business customers allege callers posing as account holders got First Horizon's help desk to reissue tokens before $23.8 million was wired out; the bank says its controls worked.
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Updates to this briefing
- First briefing of the day: a weekend look at the week's bank earnings, the ECB's approval for UniCredit to take control of Commerzbank, September's jump in producer and import prices, and the First Horizon wire-fraud lawsuits.
Each item links to a full, sourced article. The briefing is rewritten through the day as news scans add stories; the notes above record each change.